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CNBC
Jan 2, 2013 4:00am EST
ceiling. >> we can't not pay bills that we've already incurred. if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic. >> nbc's steve handelsman has been following the latest developments out of washington. >> reporter: the democrats and republicans up here on capitol hill, the president down at the white house, all know this may have been a magic moment. as tough as it looked, as awful as it looked to many in the u.s. and overseas, this might be the most cooperation we see on any taxes and spending dispute, at least in the next few months. just getting this far has been a long journey. president obama, who incidentally speaking of journeys came back here to washington for this fight and is already headed back to where he was which is a family vacation in hawaii. he campaigned for the better part of a year, won the presidency, promising tax hikes on individuals making $200,000 a year and more, and settled for double that, $400,000. congressional republicans have held the line
FOX Business
Jan 1, 2013 10:00pm EST
congress's duty is to pass the debt ceiling and pass it clean debt ceiling index because basically what the debt ceiling is authorizing the spending for the arra wing that corresponds to the spending that congress approves. republicans want to use that as an opportunity to say look this is a reminder of how much money we are spending and we need to get that spending under control so already you have this debate again, republicans with an exact number of corresponding cuts in the debt ceiling in the white house telling congress to just raise the debt ceiling. that will be the next the next vitamin e look at what treasury has put out, technically the federal government has hit its debt ceiling. what the treasury can do is, treasury does a lot with the reinvesting of certain payments in certain retirement funds. i can hold off many of those reinvestment and use that money for the federal government to spend. $200 billion of debt the treasury can exceed the debt ceiling. normally that takes a couple of months, $200 billion, two months of federal deficit spending in this case because there's so
ABC
Jan 2, 2013 6:00am EST
march, another round of fighting as congress tackles the debt ceiling. reporting live, sherrie johnson. >> after this happened maryland congressman andy harris released a statement in part reading, i oppose this legislation that increases taxes on 77% of people in my district. and here's why congressman harris says the deal actually raises taxes on most americans. that deal prevented an increase on income taxes but you will have to pay more coming out of your paycheck. that's because this deal didn't extend to the payroll tax holiday which means someone earning 50,000 dollars a year will pay about 1,000 dollars more a year in social security taxes. >>> an update for you on the condition of secretary of state hillary clinton. she remains in new york hospital after a blood clot was discovered in a vein between her brain and skull. a doctor not involved with this case talked about the secretary of state's recovery. >> she should refrom this. she will be treated with blood thinners i can't say how long because i don't know all circumstances but minimum of 3 to 6 months may be longe
ABC
Jan 2, 2013 11:00am PST
that we have already incurred. >> president obama said if congress refuses to raise the debt ceiling the consequences for the global economy would be catastrophic far worse than any fiscal cliff. >>> another high profile vote could come towed. this morning president obama told house republicans they should vote now on hurricane sandy aid, quote, without delay. this has new york lawmakers chastised house republicans for deciding to put the vote off for a few months. people in the region are still trying to recover with the worst winter months still ahead. the senate approved a $60 billion measure friday while a house committee drafted a bill about half that size. >>> students from sandy hook elementary got a sneak peek at the campus where they will go back to school tomorrow. an open house was held this morning at a school in nearby monroe. they have refurbished it and making the classrooms look just like those in sandy hooks. they brought in desks and backpacks to make the kids feel at home. >> prince william had to go away from his family for. she is back in the picture of courage.
CBS
Jan 2, 2013 12:00pm EST
and lawmakers must approve it. the last time congress fought over the debt ceiling, america's credit rating was downgraded. the president says that doesn't need to happen again. >> the one thing i think that hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship. >> reporter: the president will be trying to reach a debt ceiling deal with a new congress. winners from the november election will be sworn in tomorrow. tara mergener for cbs news, capitol hill. >>> it is a small step to getting our fiscal problems in order, but only for a couple of months. the stopgap measure appears, however, to be having a positive effect on wall street. the dow above 200 points and both the nasdaq and s&p 500 are up. of course there is reaction from taxpayers. our surae chinn is on capitol hill with more information. >> very dysfunctional. >> it's exciting. it's a little frustrating there's some kicking of the can. > reporter: even those who work and live close to capitol hill are frustrated at the pr
FOX Business
Jan 2, 2013 5:00pm EST
to congress to request an increase in the debt ceiling, we added over a trillion dollars to the debt in the last year and he is going to want to do that again. he has maxed out the credit card. he wants a new credit card. he actually asked for one as part of this fiscal cliff deal without even a credit limit at all. senate said no to that. that is coming up in two months. melissa: is that leverage you have going forward. >> absolutely the leverage we have. melissa: this is where you draw the line. a lot of people are saying republicans caved that you had the leverage but everyone gave in in order not to go over the cliff but you think you have leverage to get something real done? >> much more leverage on the debt ceiling because congress would have to pass something to increase the debt ceiling. you know on january 1st, everyone's taxes were going to go up, all across the country. what we did, we made permanent the bush tax cuts for 99% of americans. they couldn't even make them permanent when bush was president himself. so i think that is a big victory for 99%. certainty there. as w
ABC
Jan 2, 2013 6:30am EST
congress tackles the debt ceiling. sherrie johnson, abc2 news. >>> immediately after commenting on the house vote the president headed to andrews air force base in maryland and this is new video from overnight where he boarded the plane to fly to hawaii to rejoin his family. obama spent five days there before returning to the white house last thursday. >>> changes are coming to the health care for the coming year of 2013 the main is health insurance exchanges. they must be up and running by october 1st. only 18 states including maryland on thed to build their exchange. other things you need to watch out for, contributions to a flexible spending account is limited to 2500 dollars. you're allowed to deduct more unreimbursed medical cost when you file taxes but for that you have to itemize. >> 6:47. going back to school tomorrow could be tough for students and staff of sandy hook elementary. they are going back to class and they he won't return to the same building but will go to another school in a nearby town. desks and belongings after the shooting were placed in the classroom. an open
FOX Business
Jan 2, 2013 1:00pm EST
amendment allowing him to raise the debt ceiling without the approval of congress. >> right. >> why, then, are you so confident we need to raise the debt ceiling without getting cuts? why would you be satisfied is the question? >> see, i actually think whether it's republicans or democrats, we both grand standed on the debt ceiling, but it's a bogus issue. you buy a refrigerator, it's on the credit card, and the bill comes at the end of the month and it's above the self-decided limit on how much you'll pay on a credit card so congress is really pretty irresponsible in playing with the debt ceiling. a lot of collateral damage to the economy, but, in fact, congressional policy that preexisted when the debt ceiling hits, all required the spending to then be accommodated with the debt ceiling. >> what's the purpose of havinga debt ceiling? colleagues say u.s. is in danger of going the way of greece right now with being extremely over leveraged and experiencing credit shock with sky high interest rates, which to me personal surprise, we have not seen yet. higher today, but because there'
CBS
Jan 2, 2013 4:00am EST
ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up. >>> while markets react positively to the fiscal cliff deal, and wall street is poised for a big day. but how else will the agreement affect your wallet? >>. >>> and a rose parade reunion. an american soldier home from afghanistan surprises his family in front of thousands of spectators and millions watching at home. captioning funded by cbs >>> this is the "cbs morning news" for wednesday, january 2nd, 2013. good morning, everyone. i'm terrell brown. >>> the economy avoided the fiscal cliff but just barely. the house late last night passed the senate bill that avoids the tax hikes and spending cuts expected to start this year. they raised the incomes of those over $400,000. it raises taxes on the portions of estates that exceeds $5 million, long-term unemployment benefits have been extended, and across-the-board spending cuts have been put on hold for two months. tara mergener is in washington with more. tear are, good morning to you. >> good mor
CNBC
Jan 2, 2013 4:00pm EST
to that debt ceiling discussion that congress is going to have which probably is going to be pretty ugly. >> yeah. i'm not too worried about march. i was more worried about getting the fiscal cliff because if, you know, nothing was done, we were hit with really high taxes everywhere. i just can't believe either the republicans or the democrats are going to stop government so that the social security checks cannot get printed up and sent to people. i think there's going to be a game of chicken, but at the end they are going to sign it. i don't think there's going to be a debt downgrade. you know, i didn't think that the downgrade of the s&p two years ago was real justified to begin with, so i'm not as worried about march. i -- i think this could be a 20% plus year for the dow and the s&p because i see that all the liquidity that the fed has produced, i think it's finally going to be flowing into the market, into the economy, into spending, and bonds, you know, which for a long time i've been saying, you know, interest rates are heading higher. i think this is the year where people fi
KOFY
Jan 2, 2013 11:30am PST
debt ceiling. last night president obama declared he is not willing to debate congress on the borrowing limit. >> we can't not pay bills that we have already incurred. >> president obama said if congress refuses to raise the debt ceiling the consequences for the global economy would be catastrophic far worse than any fiscal cliff. >>> another high profile vote could come towed. this morning president obama told house republicans they should vote now on hurricane sandy aid, quote, without delay. this has new york lawmakers chastised house republicans for deciding to put the vote off for a few months. people in the region are still trying to recover with the worst winter months still ahead. the senate approved a $60 billion measure friday while a house committee drafted a bill about half that size. >>> students from sandy hook elementary got a sneak peek at the campus where they will go back to school tomorrow. an open house was held this morning at a school in nearby monroe. they have refurbished it and making the classrooms look just like those in sandy hooks. they brought in
CNN
Jan 2, 2013 6:00am PST
then you have the debt ceiling negotiations so you're seeing a congress here that needs some real closers and real leadership to try to figure out how to get over these very, very big important fiscal challenges ahead. you've heard a lot of people say we're out of this era of the grand bargain, the era of the grand bargain is dead. you'll have fist fights over narrow parts of legislation and that's going to mean all the political chaps of every person in congress will be tested over the next few months. >> we've got three big deals that will happen going into february and march. does it look like this will be the play for the white house as we move forward? are we going to start in the same place we started 11 months ago with the debt ceiling with boehner and the president trying and sending in joe biden at the last minute to close? >> reporter: i don't know if we're going to be seeing that. sternly the white house isn't saying that. we know we'll see drama over this. spending cuts were deferred for two months, the debt ceiling has to be dealt with. president obama wants to deal w
CBS
Jan 2, 2013 12:00pm PST
increase how much the country can borrow and lawmakers must approve it. the last time congress fought over the debt ceiling, america's credit rating was downgraded. the president says that doesn't need to happen again. >> the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship. >> reporter: the payroll tax holiday expired. that means less money in most people's paychecks. the bill did not address that. on capitol hill, i'm tara mergener for cbs 5. >>> and stocks shot up sharply this morning on the first day of trading in 2013 jumping more than 200 points at the open. it is wall street's biggest rally in six months. things are still looking good at this hour. they are up about 237 points. now, economists caution that this euphoria in the markets could be short-lived as lawmakers now have to agree on the debt ceiling. >>> victims of superstorm sandy will have to wait for the next session of congress to get federal aid. that is unless house speaker john boehner calls cong
FOX Business
Jan 2, 2013 11:00am EST
the purpose of congress. takes two to tango, doesn't it? >> it does. the debt ceiling is something that congress passes, and he's asking congress to seed that authority. the point of view from democrats and the president is congress appropriates the spending, the president signs it into law, and then because of that spending, you have to raise the debt ceiling as a second maneuver, but you approved the spending, why not raise the debt ceiling? last time democrats believed they won the pr debate on the debt ceiling, and going into this, i imagine they believe the same again. adam: rich edson in washington, thank you very much. cheryl: a lot to cover coming up for us. if you just got a flat screen hdtv for christmas, it could be outdated soon. the tv industry -- yeah, your tv -- gearing up to promote what they call ultrahigh definition televisions promising four times resolution of existing television. here's the catch, though, the price, sony's 84 inch ultra sets priced at $25,000. who needs a television -- adam: has electrolytes. got to have it. cheryl: makes you smarter, i don't k
NBC
Jan 2, 2013 5:00am EST
the debt ceiling. president obama urged congress to raise it. >> we cannot not pay bills that we have already incurred. the consequences for the global economy would be catastrophic. >> no word when the president will sign the new bill. it was just in time for nervous investors as markets reopen this morning. tracie potts, wbal-tv 11 news. >> police are investigating two new year's days shootings. what happened on caroline street. a man was shot in the abdomen. police investigating a separate shooting in northwest baltimore that happened after 4:00 p.m. near druid hill avenue. a man was suffering a gunshot wound to the shoulder. >> for many, ringing in the new year was cause for celebration. there was a big party at a hotel that prompted three calls. jennifer franciotti has more details. i understand this ran the gamut of incidents. >> their credit been too many people. overnight, they answered three separate calls for a stabbing, a fight, and some kind of drug overdose. partygoers report having a great time at the atrium. there were about 1000 people at this event. not everybody ran
FOX Business
Jan 1, 2013 11:00pm EST
refuses to have a debt ceiling fight with congress. it's really up up to congress because it's congress that passes an increase and republicans have a very different view on that. we have already started the debt ceiling fight a few minutes after the congress has passed a fiscal cliff deal. on top of that coming here from the president about the next round on deficit reductions, saying that he wants to have the wealthiest corporations and individuals take advantage of fewer tax loopholes. he asserted that his rate increase and now he wants to deal with loopholes and deductions. he says that he wants more spending and investments at the white house calls it on infrastructure and research and development and pretty much the same fight we have been having over and over again for the last four years. the president outlined his position. not really anything new. republicans have been outlining their position. mitch mcconnell is out with a statement saying that we need to get a handle on spending. let's get moving on spending reductions. so we now have the next step here. and also th
MSNBC
Jan 2, 2013 11:00am PST
raising the nation's debt ceiling that comes in late february or early march. march 1st, congress will have to deal with the sequester of the automatic spending cuts that have been put off. just a few weeks later, the continuing resolution on the federal budget runs out. that could lead to at least a partial government shut down. joining us now live with a happy new year to you. i guess we will start with the debt ceiling. why not tackle this first. it has been building for a while and a major sticking point in the negotiations. how does the make up of the final deal change the way this is likely to play out? >> a lot of democrats were upset that the president went with this route because they felt like the tax cuts were something that was leveraged and they could have used to offset some of what we are going to see with the debt ceiling and those other things we mentioned there. this brings up all of these things all at once. while it's a short-term victory for president obama on those things, the spending cut issue will continue down the road and there is not a good relationship
CNN
Jan 2, 2013 4:00am PST
issue of the debt ceiling and the president has a stern warning for congress. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already wracked up. >> this morning the political fallout, what this all means for you and what's next. >>> we have a packed show ahead, join by jen psaki, president obama's traveling press secretary, economist diane swonk and margaret hoover who served in the bush white house, john avlon with the daily beast, and irving pinsky. >> good morning, i'm brooke baldwin, a special fiscal cliff addiction, we're over it, "starting point," roll it, starts right now. here we go, full table, our panel today we have mr. richard saccharides, former adviser to president clinton, chrystia freeland, thompson reuters and welcome will cain with a tie, we've all been talking about it at the commercial. >> new year. >> court date. >> christine romans joining us here at the table as well. welcome, everyone. >> welcome. our "starting point," back from the fiscal abyss, in detox from our fiscal cliff addiction as th
NBC
Jan 2, 2013 12:00pm EST
congress to address over spending. >> and the debt ceiling. before leaving for hawaii early this morning, president obama urged congress to raise it. >> we cannot not pay bills that have already been incurred. if congress refuses to give the united states government the ability to pay the bills on time, the consequences for the entire global economy will be catastrophic. >> no word yet on when the president will sign the new bill. technically it was a day late, but the markets reopened this morning. from washington, i am tracy potts. >> reaching a deal on the fiscal cliff has not -- lawmakers on both sides of the aisle are pressing outrage after it the house adjourned without a vote on a bill providing aid to victims of superstorm sandy. representatives from both parties are calling ending the term without a vote inexcusable. >> absolutely inexcusable, indefensible. >> some lawmakers are suggesting the decision to forgo the vote was made because the affected areas are in blue states. >> we started this morning with a little bit of cloud cover. we have mostly sunny skies now. the
CBS
Jan 2, 2013 6:00am EST
congress to handle these issues, the sequestration, and the debt ceiling, it is the main reason why democratic congressman jim moran opposed this bill. we will hear from him in the next half-hour. but again, it was a late night here on capitol hill. we should be getting used to that in the year 2013. back to you. >> surae chinn reporting live from capitol hill. >>> at 6:03, jessica doyle still watching your money report and the fiscal cliff. >> and the fight we should continue to expect with congress having several other hurdles to deal with. >> our money problems are far from over. in fact, they're just really beginning for this new year. it is a great quote very for you to sum up the year ahead. this comes from a december 27th blog on the tax policy center website. quote: it looks as if lawmakers will spend 2013 staggering from crisis to crisis not unlike a bunch of nasty drunks weaving their way from barroom to barroom. so what type of crisis are we talking about here? we'll run through the timeline. right now the country is employing a bunch of accounting tricks to keep paying t
MSNBC
Jan 2, 2013 6:00am PST
when the temporary delay on domestic and military spending cuts expires and when congress must raise the $16.4 trillion debt ceiling limit to avoid default. >> save your powder for the debt ceiling fight. we have leverage at the debt ceiling to make this president face up to the fact that we're spending our way into oblivion. >> last night, the president warned republicans not to use the debt ceiling as a bargaining chip. >> while i will negotiate over many things, i will not have another debate with this congress over whether or not they should pay the bills that they have already racked up. >> nbc's kelly o'donnell is live on capitol hill. and nbc's mike viqueira joins us from the white house. kelly, let's start with you. you look remarkably well for what i can only mablg has been a rough last couple of days. >> oh, you're kind, chris, thank you. >> we rolled out kind of a basic nuts and bolts of the deal. give me a sense on what the mood is, how people are feeling? do people feel republicans won, democrats won? is there a winner in something like this? who got what they wanted and
ABC
Jan 2, 2013 6:00pm EST
too high and we're still investing too little in the things we eat. >> as congress prepares for another showdown over the debt ceiling, conservatives are criticizing the deal. a coalition of business and public leaders pushed hard for a deal to grow the economy. >> they can't solve these problems ahead of time and when they get the deal, it's not even a real deal. >> house speaker john boehner laurence state tirade of expletives that harry reid right outside the house speaker a dictator on the senate floor. you can expect more of that tension in the weeks to come. >> stay with us for complete coverage of the fiscal cliff deal and what could happen in the next few months. for more on the impact on you and your family, the 02 -- go to wjla.com and our social media websites. >> the other story is the failure of congress to come up with a comprehensive relief package for the victims of hurricane sandy. the governor of new jersey is angry at the house speaker for pulling the eight, calling it a trail. it comes after the senate approved a package on friday. chris christie called the m
RT
Jan 2, 2013 2:00pm EST
have to go back to congress a request. that their ceiling. is the longest. solution would be budget deficit the fiscal deficit is running which really dollars a year in. tax increases spending because the problem is only reduce the deficit by something like two hundred billion dollars it's way short the government the us government have to cut the deficit to zero or actually to a surplus in order to pay off huge debt. one area where america is likely to rake in a few more dollars though is next year is in the finance is most likely to come from pushing weapons in the asia pacific as on the later in the program. to be some serious so that up to seventy people have been killed and dozens injured in an airstrike that had a gas station in the damascus suburbs i would assume so many of the dead are women and children the un report most is at least sixty thousand people have been killed since the civil war began almost two years ago this despite a warning from the top international peace envoy to syria that the country faces held without talks meanwhile reports say the syrian rebels claim
RT
Jan 2, 2013 11:00am EST
to congress a request a high ceiling and the other one is the longest. solution would be budget deficit the fiscal deficit is threatening one trillion dollars a year because tax increases spending because the problem is only reduce the deficit by something like two hundred billion dollars if this were a short government the u.s. government have to cut the deficit to zero or actually to a surplus in order to pay off the huge debt. but the one area where america's like to rake in a few more dollars is next year is arms sales in the bonanzas most likely to come from pushing weapons in the asia pacific we've got analysis on that later in the program. next though activists in syria said that up to seventy people have been killed and dozens injured in an airstrike that hit a gas station in the damascus suburbs i would say many of the dead women and children the violence is despite a stark warning from the top international peace envoy to syria that the country faces hell with talks let's talk now the doctor who's a political analyst specializing the middle east for philadelphia univer
RT
Jan 2, 2013 1:00pm EST
in february they have nowhere to go they have to go back to the congress a request. that their ceiling and the other one is the long term solution would be budget deficit fiscal deficit is running one trillion dollars a year because tax increases spending because the problem is only reduce the deficit by something like two hundred billion dollars it's way short the government the us government have to cut the deficit to zero or actually to a surplus in order to pay off the huge debt. one area where america's like could rake in a few more dollars those next years arms sales in the bonanzas most likely to come from pushing weapons in the asia pacific given alice is on that a bit later in the program. like this in syria say up to seventy people have been killed and dozens injured in an airstrike that hit a gas station in the damascus suburbs eyewitnesses say many of the dead are women and children the u.n. report says at least sixty thousand people have been killed now since the civil war began almost two years ago this despite a warning from the top international peace envoy to s
CNN
Jan 2, 2013 8:00am PST
conversation. that you you very much for that. not only does congress have to deal with the debt ceiling next month. they also have to deal with the sequester, remember that series of cuts in federal spending that will reduce most budgets about 8% to 10%. last night's deal basically kicked automatic that down the road. and then there's also the budget so-called continuing resolution, and congress has to pass another budget so that our entire government just doesn't shut down on us. if congress doesn't get its act together fast we'll be in a similar situation before we know it. the congressman-elect from florida joins us. my first question, sir, is are you looking forward for joining this group of legislators, given this despicable state of paralysis. >> this is a new congress i'm joining. the 112th congress, this is definitely disheartening, but it's not a surprise. the new congress, about 90 new members, all elected on a message of bipartisan, so the freshmen i have met all want to do something big, we want to do the big choices, so i'm excited to join this congress. >> what do you cons
FOX News
Jan 2, 2013 1:00pm PST
authority. congress needs to have a say whether the debt ceiling is raised. this should not be policemen -- not be political leverage. >>neil: you are a decent man, congressman, with enormous integrity and hope springs eternal your d.n.a. is left in congress. thank you for your service and all you have done. >>guest: thank you, haunt new year. >>neil: ahead of the swearing in, and consideration of the new members, after the the vote last night, one member said no one should keep their job in congress. you are steaming mad. why? >>guest: look what happened. the freshmen congressmen are paid $180,000 a year! off of our back, off of america's back and we work until april 17 to pay all of the taxes and all of the spending these guys do and they do nothing. they do nothing to stop the real problem. they talk about taxes when taxes are irrelevant. you have said this and i agree the problems are systematic. they belong in the spending. we need real change. when i lose weight i put it off tomorrow, i will start tomorrow, tomorrow, tomorrow, these people >>neil: i try never to start because that
ABC
Jan 2, 2013 7:00am EST
will hit the limit of how much money it can borrow, unless congress raises the so-called debt ceiling. an automatic, across-the-board cuts to the pentagon and other agencies, are only to be delayed for two months, setting up another from fiscal cliff on march 1st. congress has adjourned. and late last night, after midnight, the president left for hawaii to meet with his family. and hopefully, he thinks for a few days' vacation. >> you mentioned the breathing per feelings got raw at the last minute. >> reporter: it got really nasty. politico first reported on friday when the congressional leaders met here at the white house, speaker of the house john boehner told the democratic leader, harry reid, off, use uhhing language i can't use here on "good morning america." >> you can't even paraphrase. >>> let's look at what the deal means to you at home. lots of paycheck changes right now. and bianna golodryga is at the smart screen to break it down. about 99% of americans protected from an increase. but most workers will take a hit. >> payroll taxes going up. this affects everyone making $11
CBS
Jan 2, 2013 5:00pm EST
congress fought over the debt ceiling america's credit rating was downgraded. the fiscal cliff deal did not save the social security payroll tax cut. so many americans will still pay higher federal taxes this year. on capitol hill danielle nottingham, lesli, back to you. >> thank you. we'll talk a bit more about what this means for most of us. first the good news, most americans' tax rates are not going up, but now your paychecks will be a little smaller starting with the next one. andrea mccarren joins us live from our satellite center with more on what to expect. >> the payroll tax holiday is over now. so the rate is going up from 4.2% to 6.2% and that increase will affect virtually everyone who has a job. >> i guess i won't be getting my nails done and hair done. >> reporter: just weeks ago we asked self-described middle class taxpayers what more they could sacrifice. >> everything that's in my life is a they. >> because i don't have -- is a necessity. >> because i don't have any more to give them. >> reporter: but now wage earners will take home even less. >> now they'll start p
NBC
Jan 2, 2013 6:00am EST
work with congress to address the government overspending. >> and the debt ceiling. before leaving for a whole lot president obama urged congress to raise it. >> we can't not pay bills that we have already incurred. the consequences for the global economy would be catastrophic. >> no word when the president will sign the new bill. it was a day late but it was just in time for nervous investors as markets reopen this morning. tracie potts, wbal-tv 11 news. >> county police had a busy new year's morning. officers responded to three separate calls. >> jennifer franciotti is live outside the crown plaza hotel with more details for us. >> do you think it happened just after 1:00 a.m. we know that police are still investigating but it could be a matter of too few security guards. this hotel hosted a new year's eve party. >> they did it at a hotel so you can get a room and drink and not worry about driving home. none of that. do you know what i'm saying? they did a good job of putting this together. >> about 1000 people in the atrium. >> a lot of different promoters getting together to th
FOX
Jan 2, 2013 5:00pm EST
raise the debt ceiling. the bill congress passed delays automatic spending cuts from going into effect for twotw months, and didn't deal with the debt ceiling, many republicansrp are hoping for a bigger deal. >> i think that the president miss ad great opportunity, oneop of leadership, he has been re elected, he has four years left. and this will be part of his legacy, the failure to step up and do the big thing when he could. >> president obama promising to deal with the spending cuts, and yesterday, he warned republicans about getting into another political squabble. so how do average americans feel about the fiscal cliff deal? beth parker stopped by locallo diner where customers were dishing their thoughts. >> and how do you want youry eggs? >> reporter: they are working 24 hours a day at bob and edith's diner in arlington. the customers which congressi would do the staple. >> i'm really upset with congress right now.ig i just feel like it's a complete failure. >> reporter: they watched thethe nation edge towards the fiscal cliff. >> i've been in suspence the whole time, like
ABC
Jan 2, 2013 4:00am EST
short-lived. other issues are also unresolved. >>> chief among those is the debt ceiling. the government has hit the limit on borrowing. and a new impasse on extending that limit is likely. republicans say they will insist on new spending cuts first. president obama says congress has an obligation to raise the debt ceiling. and that is not negotiable. >>> just days after u.s. officials blame the popularity of apple devices for a rise in crime, there was a heist in paris. armed robbers hit the main apple store there after it closed. they got away with more than $1 million in apple product, such as the iphone 5. $1 million worth. >>> but the iphone 5 is so last year, apparently. apple seems to be getting ready for this year. there's signs we could see another tim cook announcement this spring for an iphone 6. developers are seeing markers left behind by new devices left at apple headquarters. those markers say iphone 6. >> bigger, faster, stronger, everything. >>> and poor warren buffett, no longer the third-rich et billionaire. the bloomberg billionaire inthe exsays amancia ort
FOX
Jan 2, 2013 9:00am EST
time that congress must vote on weather again increase the debt ceiling or risk default. telling folks on capitol hill he has begun to initiate emergency measures to continue to pay the government's bills through february. but one other thing that is coming up with all of this is that analysts who are watching washington d.c. watching that fracture debate, one of those analysts put the risk with that debt ceiling debate at 20%. back to you. >> melanie, thank you. >> so congress's action means the income tax for most will not go up but you will definitely see another tax hike this year. >> sarah is back with us to explain that. >> we kind of forget about all this that there is a tax hike that is going up. the payroll tax. this is the amount taken out towards social security. for the past two years it was reduced to 4.2% in order to give you a break in the tough financial times. the fiscal cliff bill passed last night did not include an extension of the payroll tax hike. now it goes up to 6.2%. here's what this means. a household earning $50,000 a year will see paychecks cut by $1,
MSNBC
Jan 2, 2013 8:00am PST
. the debt ceiling is a separate issue. congress incurs bills, they have to be paid and the debt ceiling will not be a component of that negotiation. >> boehner said he got 98% of what he wanted. you heard republicans at the last minute say we want certainly like changed cpi, medicare cuts the president put a lot out there, upwards of hundreds of billions in cuts. are you worried republicans will ask for those in exchange for raising the debt limit? >> i will say again the debt ceiling is not going to be a component of these negotiations. the president has made that clear, the vice president in the caucus meeting made that clear. what is going to be essential and what will be an element is whatever we do going forward, the fiscal cliff deal that we passed last night is one step forward toward a balanced approach. the republicans need to understand that now we're not going to turn to spending cuts only. thing we do going forward is going to need to have balance, balance in revenue and spending cuts. there's still going to be more pain toward deficit reduction on the backs of the m
FOX News
Jan 2, 2013 10:00am PST
cliff bill passed in congress does not address, among other things, the nation's debt ceiling which we have already hit setting up the next economic dialog to be played out the coming weeks. here you thought the fun was over. it congress does not raise the debt ceiling the federal government will not be able to pay its bills and here is a look at the situation when the president took office and today, when it comes to the national debt. in january of '09 the debt stood at 10.6 trillion dollars, and by the end of the president's first term, the national debt has risen to more than 16.3 trillion dollars. that's about a 54% increase in over four years. but while the president acknowledges that the deficit and the debt are too high, he warns he is not budging when it comes to another debt ceiling increase. >> while i will negotiate over many things, i will not have another debate with this congress over whether or not they should pay the bills that they've already wracked up through the laws that they passed. >> the president hasn't had a budget in his entire presidency, no matter who was
CBS
Jan 2, 2013 5:00am EST
again on monday, we have a month or possibly two for congress to raise the ceiling on the amount of money we as a country owe or are allowed to maintain. this could be a knock down, drag out fight. the early view is that republicans will use the political moment to demand more spending cuts. in march both sides will probably go toe to toe over short-term spending to keep the government open. you'll remember the same fight almost led to a federal shutdown about two years ago. then we probably go another round in the fall when congress goes head to head over the 2014 fiscal budget. and the same issues could come to the forein that -- forein that fight. not to mention the congress has to come up with a deal on sequestration. they kicked the can down the road. now it's up to the new congress to come up with a grand bargain or find some other creative way to kick the can yet again. do not expect these problems to go away just because we have this tax deal in hand. >> how do we still have a can left? it's been kicked so many times. >> holes in it for sure. >> it's amazing that the treasur
MSNBC
Jan 2, 2013 2:00am PST
. you heard the president also talking about or eluding to the debt ceiling, that's a fight the congress still has to deal with, as the president made reference to paying those bills we already incurred. john boehner was able to gather together 85 votes in favor of this bill, overwhelmingly passed in the stat. not as much -- most republicans voted against it in the house. in the end they were able to get it past. not mentioned as much but something that limb pact a lot of paychecks, remember that 2% payroll tax cut we enjoyed in the past year? that's not a part of this bill. payroll taxes going back up 2%. you will feel that in your checks starting this month. >> thanks. here's a recap of how the drama played out on your new year's day holiday. after the ball dropped around 2:00 a.m., the senate passed a deal. 30 minutes later, the president released a statement praising the agreement. around noon yesterday, vice president biden meets with the house democratic caucus and tries to sell the deal. then the gop convenes, and we are learn that republicans may be staging a revolt, the
LINKTV
Jan 2, 2013 5:30am PST
bargaining set to begin within weeks when congress must look at raising the debt ceiling or risk the country defaulting on its loans. >> hearing now from the economist micki price, a former adviser to the british government. -- vicky price. >> what would happen in the next couple of months is there will be a lot of discussions and bargaining going on. first of all, the fiscal cliff and whether that can be avoided completely in a couple of months because maybe they will be able to raise the debt ceiling slightly. i think that is very important to happen. the second thing will be what happens on spending? there's quite a bit of spending already in the pipeline. the question is the u.s. has a lot of debt that is structural. there has to be long-term changes in terms of the way benefits have been paid and other issues in some of the long-term spending that has been taking place, which will need to be tackled in such a way that will need to be permanently lower. if the problem gets tackled, then they will come back to continue the crisis over the next year. and >> in the central african r
FOX News
Jan 2, 2013 12:00pm PST
to fix the profligate spending, especially entitlements, and nothing to fix the debt ceiling which was the demand of obama, and it does nothing to fix the fiscal cliff. >>guest: it answers the tax issue. it gets us beyond what the deadline was that was set by congress, some kind of slightly coherent way, the spending...it depends on your political views. some will say it is not and needs to be protected. others say it needs to be dramatically cut. what needs to be addressed is the fact that medicare, social security, will not be able to pay for themselves in the coming years. some method of constraining the costs or altering the revenue that funds them has to be deviced. >>gregg: during the president's four years we have gone from $2.9 trillion in spending to $3.8 trillion, which is 30 percent increase in spending. by any definition that is profligate spending. >>guest: the president's office would say, he inherited two wars that were immensely expensive, he inherited a bad economy that was difficult to get out of. >>gregg: the president promised the middle class would not see taxe
RT
Jan 2, 2013 7:00am EST
congress a request for a high ceiling and the other one is the long term solution would be budget deficit fiscal deficit is running one trillion dollars a year. tax increases spending because the problem is only reduce the deficit by several like two hundred billion dollars it's way short the government the u.s. government have to cut the deficit to zero or actually to a surplus in order to pay off the huge debt. face america is unlikely to rake in a few more dollars next year is on sales and there is most likely to be in pushing weapons in the asia pacific we have analysis on that to come later in the program. where the new country taking charge of europe's revolving presidency promises to secure economic stability that country is ireland one of the bailed out nations with second only to its own debt crisis while financial analyst robert oulds told me this may prove too big a task for doubling. one of the key challenges facing many countries in europe is of course the economic difficulties. is of course rigidly sticking to the austerity drive which the european union wants which
MSNBC
Jan 2, 2013 3:00pm PST
think the other side gave a little more. but governor, when it comes down to the debt ceiling that the chairman just referred to, president gave a warning to republicans. watch this. >> i will not have another debate with this congress over whether or not they should pay the bills they've already racked up through the laws that they passed. let me repeat. we can't not pay bills that we've already incured. >> sounds like he's pretty strong and stern on that. what dooungs, governor? >> he is and he ought to be. the last time, it was an international disgrace, not just a national disgrace, but an international disgrace. we shouldn't play politics with that. we owe this money. we've got to pay it. we've got o to have the funds to pay it. i think the sequester comes up in two months, probably a week or two before the debt ceiling. we're going to have to have some resolution of the broader problem. what the president should do when he gets back from hawaii, call the congress and the congressional leaders and let's get to work on the grand bargain. the big deal. and the big deal is going to r
ABC
Jan 2, 2013 5:00pm EST
the debt ceiling. last night president obama said he's not willing to debate congress on the borrowing limit. >> we can not not pay bills that we've already occurred. >> reporter: karen travers, abc news, washington. >>> for all of you holiday eaters, cot overweight actually be better for your health? we'll tell you about the recent study which suggests you may not want to lose those pounds. >>> and how the stievers of sandy hook are moving forward. >>> listen up if you're trying to lose those extra holiday powbd -- pownlsd. researchers found having a higher bmi may have a slightly lower chance of dying. those slightly overbeast were not much greater than a normal rate. now don't get too excited, though. experts warn the study does not prove that being overweight is a good thing. >>> scientists say for the first time image tests show fructose can spark brain images. women who spent eight weeks practice -- eating fructose, the brain doesn't register it. researchers say the study is too small to offer proof but does add to the evidence that fructose may play a role in overeatin
CNBC
Jan 2, 2013 6:00am EST
it means for the economy and america's future as congress turns its attention now to the debt ceiling. >> the futures are open. >>> next up, the opening bell on wall street, find out what's in store with our guest host, doug, and wells capital cio, jim paulson. >> it's the day after new year. we hope you make "squawk box" your friend every morning. ♪ >>> as we get ready for another exciting year of business news, "squawk box"'s second hour starts right now. >>> good morning. welcome to swaub "squawk box" o. i'm andrew sorkin with becky and joe. the dow looks like it would open 156 points higher, nasdaq up 40 points and s&p 500 would open up 22 points higher after some talk of an amended deal that would have to go back to the senate, the house eventually did pass the senate's bill with no changes. it raises taxes on the highest earners for spending in two months. much more on this in a moment. other news, we have the first big takeover deal belongs to avis budget group buying zipcar for $12.25 a share. nearly a 50% premium for zipcar shareholders. it may be another good year for the
RT
Jan 2, 2013 3:30pm EST
equation and the republicans which are due to come back into the next congress tomorrow the democratic counterparts. say that they're actually going to be tackling this side of the equation again in the next couple of months now the issue of the debt ceiling which is a u.s. pouring limit is something which congress needs to pass in the public says we're quite happy to hold this over the obama administration until they get the spending cuts that they want so there's a lot of political wrangling ahead and yet. nerve markets. while this right now see the u.s. markets reaction then as i say a new year round it is underway right now that is in reaction to the nor make his passing of the bill of those spending cuts and tax increases so we got a real sense of relief on the trading floors today really the same goes for europe as well which are those numbers out as well for you again we've got healthy positive gains and as far as europe's concerned stocks rallied to a twenty two month high and that's after the deal was struck immediately after so as far as the global equity markets are concerne
MSNBC
Jan 2, 2013 1:00pm PST
your powder for the debt ceiling fight. we're spending our way into oblivion. >> i will not have another debate over this congress whether or not they should pay the bills they've already racked up. >> the bill as amended is passed. >> 89-8. that is absolutely historic. >> new year's eve produced by a bunch of sleep deprived doctrinenaraians. >> it reminds me of the jokes where someone stopped hitting you in the head with a hammer and you're supposed to say thank you. we created this monster. >> the yeas are 267. the nays are 167. >> so we have this totally dysfunctional senate. therefore a dysfunctional congress. >> it's not a violation. >> technically these are still tax cuts? >> correct. >> a hopefully the new year will focus on less drama, not scare the heck out of folks quite as much. >> let's get right to our panel here with me are krystal ball one of the hosts of msnbc's "the cycle" and jimmy williams an msnbc contributor. krystal, the fiscal cliff fight may be over but we heard many of them looking forward to a debt ceiling fight where medicare and taxes will be fought ov
PBS
Jan 2, 2013 6:00pm EST
the debt ceiling, the limit for borrowing and only congress can raise it. for americans braving the january chill, frustration with politicians and resignation that they will soon have to go through all over again. >> i think it is ridiculous, i think the congress should be doing their job, not waiting until the last minute. >> it is not over with yet. they have another couple of months to debate things. once they figure it out, they will come to a decision which we hope will be the best interest of the country. >> this extraordinary new year's drama has played out as barack obama prefers for his second term. a second term in which you would like to achieve big things on immigration reform, climate change, and gun control. it is clear with a bitterly divided congress come none of it will come easily. >> for more reaction from capitol hill i spoke a short time ago with republican congresswoman marcia blackburn of tennessee and 1 of her colleagues that voted against the bill. the stocks have had their best day in over a year. that might have been a different picture if the majority of
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